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Canadian (TSX) Market Analysis & Valuation

UpdatedJan 10, 2026
DataAggregated Company Financials
Companies2209
  • 7D1.9%
  • 3M8.7%
  • 1Y29.6%
  • YTD1.9%

The market has climbed 1.9% in the last 7 days, lead by the Materials sector with a gain of 7.4%. As for the past 12 months, the market is up 30%. Earnings are forecast to grow by 12% annually.

Trending IndustriesOil and GasGoldBiotechSoftwareRenewable Energy

Market Valuation and Performance

Has the Canadian Market valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 10 Jan 2026CA$5.0tCA$2.1tCA$225.0b16.8x22.3x2.3x
Mon, 08 Dec 2025CA$4.9tCA$2.1tCA$225.3b16.1x21.6x2.3x
Wed, 05 Nov 2025CA$4.7tCA$2.1tCA$215.5b16.1x21.7x2.2x
Fri, 03 Oct 2025CA$4.7tCA$2.2tCA$209.3b16.6x22.5x2.2x
Sun, 31 Aug 2025CA$4.5tCA$2.1tCA$207.8b16x21.7x2.1x
Tue, 29 Jul 2025CA$4.4tCA$2.1tCA$191.2b16.4x22.9x2.1x
Thu, 26 Jun 2025CA$4.2tCA$2.1tCA$191.8b15.4x22.1x2x
Sat, 24 May 2025CA$4.1tCA$2.1tCA$190.5b14.8x21.4x1.9x
Mon, 21 Apr 2025CA$3.9tCA$2.1tCA$173.0b14.7x22.4x1.8x
Wed, 19 Mar 2025CA$3.9tCA$2.1tCA$174.3b14.8x22.6x1.8x
Fri, 14 Feb 2025CA$4.0tCA$2.1tCA$172.3b14.9x23.5x1.9x
Sun, 12 Jan 2025CA$3.9tCA$2.1tCA$171.3b14.5x22.5x1.8x
Tue, 10 Dec 2024CA$4.0tCA$2.1tCA$169.2b14.8x23.6x1.9x
Thu, 07 Nov 2024CA$3.9tCA$2.1tCA$169.4b15x22.9x1.8x
Sat, 05 Oct 2024CA$3.8tCA$2.1tCA$167.4b15.4x22.8x1.8x
Mon, 02 Sep 2024CA$3.7tCA$2.1tCA$167.6b15.4x22.3x1.8x
Wed, 31 Jul 2024CA$3.7tCA$2.1tCA$168.0b14.2x21.8x1.8x
Fri, 28 Jun 2024CA$3.5tCA$2.1tCA$166.5b14.1x21.1x1.7x
Sun, 26 May 2024CA$3.6tCA$2.0tCA$166.4b14.2x21.8x1.8x
Tue, 23 Apr 2024CA$3.5tCA$2.1tCA$174.7b13.8x20.1x1.7x
Thu, 21 Mar 2024CA$3.5tCA$2.1tCA$173.4b13.5x20.2x1.7x
Sat, 17 Feb 2024CA$3.4tCA$2.1tCA$175.2b13.1x19.4x1.6x
Mon, 15 Jan 2024CA$3.4tCA$2.1tCA$173.1b12.9x19.5x1.6x
Wed, 13 Dec 2023CA$3.2tCA$2.1tCA$172.5b12.1x18.8x1.6x
Fri, 10 Nov 2023CA$3.1tCA$2.1tCA$178.5b11.8x17.6x1.5x
Sun, 08 Oct 2023CA$3.1tCA$2.1tCA$185.3b11.2x16.9x1.5x
Tue, 05 Sep 2023CA$3.3tCA$2.1tCA$184.7b11.8x17.9x1.6x
Thu, 03 Aug 2023CA$3.3tCA$2.1tCA$192.0b12x17x1.6x
Sat, 01 Jul 2023CA$3.2tCA$2.1tCA$200.0b11x16.2x1.5x
Mon, 29 May 2023CA$3.2tCA$2.1tCA$200.4b11.2x16.1x1.5x
Wed, 26 Apr 2023CA$3.3tCA$2.1tCA$218.3b10.6x15.3x1.6x
Fri, 24 Mar 2023CA$3.1tCA$2.1tCA$213.7b10.6x14.6x1.5x
Sun, 19 Feb 2023CA$3.4tCA$2.1tCA$236.6b11x14.2x1.6x
Tue, 17 Jan 2023CA$3.4tCA$2.1tCA$245.2b11x13.7x1.6x
Price to Earnings Ratio

13.7x


Total Market Cap: CA$3.4tTotal Earnings: CA$245.2bTotal Revenue: CA$2.1tTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Market Price to Earnings3Y Average 20.1x202420252026
Current Market PE
  • Investors are optimistic on the Canadian market, and appear confident in strong long term growth rates.
  • The market is trading at a PE ratio of 22.3x which is higher than its 3-year average PE of 20.1x.
Past Earnings Growth
  • The earnings for Canadian listed companies have declined 2.8% per year over the last three years.
  • Meanwhile revenues have been flat.
  • This means that either the cost of doing business or the level of investment back into businesses is increasing since sales have remained steady while profits have fallen.

Sector Trends

Which sectors have driven the changes within the Canadian Market?

CA Market1.91%
Materials7.40%
Real Estate4.03%
Tech2.49%
Industrials1.52%
Healthcare1.48%
Financials1.01%
Consumer Discretionary0.77%
Telecom0.48%
Consumer Staples-0.35%
Utilities-0.56%
Energy-1.27%
Sector PE
  • Investors favour the Tech sector the most for future growth which is trading above its 3-year average PE ratio.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 23.0%, which is higher than its past year's earnings growth of 15.0% per year.
Forecasted Growth
  • Analysts are most optimistic on the Healthcare sector, expecting annual earnings growth of 66% over the next 5 years.
  • This is better than its past earnings decline of 0.3% per year.
  • In contrast, the Telecom sector is expected to see its earnings decline by 21% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuationSector
ABX Barrick MiningCA$66.529.9%
+CA$10.1b		193.0%PE22.5xMaterials
CCO CamecoCA$149.6410.5%
+CA$6.2b		110.6%PE123.9xEnergy
FNV Franco-NevadaCA$318.3211.3%
+CA$6.2b		73.6%PE48xMaterials
K Kinross GoldCA$43.4511.9%
+CA$5.6b		188.1%PE21.4xMaterials
WPM Wheaton Precious MetalsCA$173.797.3%
+CA$5.4b		110.7%PE56.6xMaterials
See more

Market Insights

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NTR
CA$83.28
Nutrien
7D
-4.0%
1Y
19.1%

NTR: Fertilizer Cycle Concerns Will Pressure Shares Despite Recent Buybacks

Narrative Update Analysts have nudged their consolidated price target for Nutrien down by about $2 to $64. This reflects updated views that factor in more cautious fertilizer and agriculture setups, modestly lower assumed revenue growth, a slightly higher profit margin profile, and a reduced future P/E multiple in their models.
ENB
CA$63.54
Enbridge
7D
-3.8%
1Y
1.3%
CCO
CA$149.64
Cameco
7D
10.5%
1Y
110.6%
ABX
CA$66.52
Barrick Mining
7D
9.9%
1Y
193.0%

ABX: Future Corporate Split Plans Will Drive Rerating Potential

Analysts have lifted their price target on Barrick Mining by an implied 64% to approximately US$80. They point to updated assumptions around fair value, discount rate, revenue growth, profit margin and a higher future P/E multiple as key drivers of the change.
CP
CA$99.56
Canadian Pacific Kansas City
7D
-2.7%
1Y
-7.7%
CVE
CA$22.87
Cenovus Energy
7D
-4.9%
1Y
2.8%

CVE: MEG Integration And Buybacks Will Support Future Cash Returns

Analysts have nudged their fair value estimate for Cenovus Energy higher, with updated price targets clustering in the C$30 to C$32 range as they factor in refreshed 2025 and 2026 guidance and the impact of the MEG Energy acquisition. Analyst Commentary Recent research has centered on how Cenovus can execute on its updated 2025 and preliminary 2026 plans while integrating MEG Energy, with valuation tweaks reflecting both upside potential and deal risk.
K
CA$43.45
Kinross Gold
7D
11.9%
1Y
188.1%

K: Future P/E Compression Will Likely Reveal Weaker Underlying Profitability

Analysts have raised their price target on Kinross Gold to US$17.06, citing updated assumptions for stronger revenue growth, higher profit margins, and a lower expected future P/E multiple. What's in the News Kinross Gold issued new production guidance, expecting fourth quarter output to be slightly lower than 0.5 million gold equivalent ounces and to finish 2025 slightly above the midpoint of its annual guidance range of 2.0 million (+/- 5%) attributable gold equivalent ounces (Corporate guidance).
DOL
CA$199.31
Dollarama
7D
-3.3%
1Y
45.4%

DOL: Share Repurchases Will Support Higher Future P/E Assumptions

Analysts now set their fair value estimate for Dollarama at $235, up from $223, reflecting updated assumptions for the discount rate, revenue growth, profit margin, and future P/E that adjust their risk and profitability expectations. What's in the News Dollarama completed a share repurchase tranche between August 4, 2025 and November 2, 2025, buying back 2,605,912 shares for CAD 484.6m, equal to 0.94% of its shares outstanding (Key Developments).
FNV
CA$318.32
Franco-Nevada
7D
11.3%
1Y
73.6%

FNV: Future Royalty Cash Flows Will Reflect Strong Precious Metal Pricing

The updated analyst price target for Franco-Nevada reflects a modest uplift in fair value to about $346, as analysts balance higher valuation multiples on cash-flowing royalty assets and stronger precious metals pricing with more cautious sentiment linked to recent gold price volatility. Analyst Commentary Recent Street research on Franco-Nevada shows a split view, with some analysts lifting targets and ratings based on royalty asset quality and commodity pricing, while others point to sentiment risk around gold price volatility.
WPM
CA$173.79
Wheaton Precious Metals
7D
7.3%
1Y
110.7%

WPM: Higher Gold Price Assumptions And New Streams Will Drive Long-Term Upside

Analysts have raised their price target on Wheaton Precious Metals by roughly US$8 to reflect updated commodity price forecasts, higher assumed revenue growth and margins, and a lower future P/E multiple, based on recent research updates from BofA, Scotiabank, Stifel and Berenberg. Analyst Commentary Bullish Takeaways Bullish analysts are lifting price targets across multiple currencies, which signals greater confidence in Wheaton Precious Metals' ability to support higher valuation levels under updated commodity price assumptions.
MFC
CA$52.00
Manulife Financial
7D
4.4%
1Y
21.0%

MFC: Core Insurance Strength And Asia Expansion Will Support Balanced Outlook

Analysts have nudged their price targets for Manulife Financial higher, with recent raises of approximately $2 to $5. These adjustments reflect improved life insurance earnings, stronger core insurance results, and solid Asia sales, while still accounting for sector headwinds from potential Fed cuts.
CNQ
CA$44.62
Canadian Natural Resources
7D
-5.3%
1Y
-5.6%

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BNS
CA$100.62
Bank of Nova Scotia
7D
-1.7%
1Y
35.8%
TRP
CA$74.90
TC Energy
7D
-2.5%
1Y
11.3%

TRP: Extended 2028 Outlook And Project Execution Will Drive Measured Medium Term Upside

The analyst price target for TC Energy has inched higher to about C$78.77 from C$78.00 as analysts highlight a robust multi year project pipeline, reaffirmed guidance, and growing confidence in the company's ability to deliver medium term upside. Analyst Commentary Street research remains largely constructive on TC Energy, with recent actions skewing toward upgrades and price target increases that support the modestly higher consensus target.
BN
CA$66.35
Brookfield
7D
3.5%
1Y
25.6%
SU
CA$65.00
Suncor Energy
7D
3.8%
1Y
14.4%

SU: Double Digit Free Cash Flow Yield Will Support Strong Capital Returns

The analyst price target for Suncor Energy has been nudged higher to approximately C$66.70 from about C$66.50, as analysts factor in stronger sustaining free cash flow yields and updated multi year guidance that supports a modestly higher valuation multiple despite slightly softer growth and margin assumptions. Analyst Commentary Bullish analysts highlight that Suncor's valuation is increasingly supported by a double digit sustaining free cash flow yield, which screens attractively versus peers and underpins the modest upward revision in the consolidated price target.